Social media: the future of customer relationships

"CEOs are bringing their innovation activities closer to their customers by giving customers a say in the design of offerings."

14th annual global CEO survey

Social media has become a dominant force in consumer culture and is being exploited successfully by some of the world's leading businesses. The world's top brands are using social media as a meaningful way of deepening relationships with their customers. Customers are connecting and having conversations about organisations through social media, whether organisations are actively engaged or not, and brands risk being compromised if they fail to participate.

In order to respond effectively, organisations will need to make changes to process, policy and culture. What's needed is a social media strategy that is aligned to customers' requirements. Communicate clear policies and procedures to your employees. Shift marketing, sales and service from broadcasting messages to having conversations. Manage and secure content to mitigate the risks of the two-way flow of information that social media enables. In fact, the whole organisation should be involved and engaged in order to authentically deliver your social media strategy.

PwC's Digital Transformation practitioners have been tracking the shift of customers to digital channels and social media. In this publication, you can learn about the significance of the paradigm shift to social media, the implications it has for businesses, and how to get started and maintain momentum.